KLCI Record Uptrend, Energy & Financial Sector Counters Surge


Escalating tensions in the Middle East weighed on market sentiment and shifted investor focus to the energy, financial and plantation sectors which helped boost the FBM KLCI higher at midday on Friday.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 6.66 points (0.43%) from Thursday's close at 1,544.76. The benchmark index opened 1.54 points better at 1,546.3.

Meanwhile, market sentiment was negative with losers outnumbering gainers by 955 to 205. Meanwhile, 336 counters were unchanged, 880 were not traded and 21 others were suspended.

Rakuten Trade Bhd's Vice President of Equity Research, Thing Pak Leng said the market has reacted to the latest news on the geopolitical tensions in the Middle East which will increase the risk of inflation and rising commodity prices.

It was reported that Israel had launched a missile in retaliation against Iran in the early hours of the morning.

For now, Press Metal Aluminum Holdings Bhd led the gainers in the heavyweight counter, rising 16 sen to RM5.44, followed by MISC Bhd adding 24 sen to RM8.07, Maybank Bhd adding three sen to RM9.70 and Sime Darby Plantation Bhd five sen better at RM4.46.

As for active stocks, TWL Holdings Bhd, Ingenieur Gudang Bhd and Velesto Energy Bhd were all unchanged at three sen, 14 sen and 27 sen, while AwanBiru Technology Bhd was 12 sen lower at 20 sen.

On the index board, the FBM Emas Index fell 14.73 points to 11,602.24, the FBM 70 Index fell 175.61 points to 16,009.05 but the FBMT 100 Index rose 4.27 points to 11,259.8.

The FBM Emas Shariah Index fell 32.87 points to 11,755.46 and the FBM ACE Index decreased 140.1 points to 4,807.42.

In terms of sectors, the Financial Services Index increased by 45.27 points to 17,177.91, the Energy Index increased by 15.63 points to 967.63 and the Plantation Index gained 21.64 points to 7,376.09.

In contrast, the Industrial Products and Services Index lost 0.63 points to 183.82.